IPO后首次电话会，Circle聚焦“盈利模式”：赚钱方式有两种，目标是“赢者通吃”

Core Insights - Circle, known as the "first stock of stablecoins," reported a significant increase in total revenue and reserve income, driven by a substantial growth in USDC circulation, with total revenue and reserve income rising 53% to $658 million [1][22] - The company plans to launch a self-developed blockchain named Arc in the second half of the year, designed specifically for stablecoin finance, with USDC as the native asset for transaction fees [1][4] - CFO Jeremy Fox-Geen expressed confidence in the company's profitability outlook, citing network effects and the growth of USDC holdings as key drivers for long-term support of RLDC profit margins [1][22] Revenue Generation - Circle generates revenue primarily through two methods: reserve income from holding cash-equivalent assets to support stablecoins and monetizing certain transaction processes and network infrastructure elements [2][21] - Although the second revenue stream is currently small, it is growing and has high profit margins, with the potential for rapid expansion as network adoption increases [2][21] Market Dynamics - The stablecoin market is characterized as a "winner-takes-all" environment, with liquidity and utility driving growth, making it difficult for competitors to replicate Circle's deep liquidity infrastructure [3][14] - Circle's core model anticipates a compound annual growth rate (CAGR) of 40% for USDC over the coming years, supported by strong network effects and operational leverage [3][24] Arc Blockchain Launch - The upcoming Arc blockchain represents a strategic shift for Circle in the stablecoin infrastructure space, designed to support various financial applications and provide a robust platform for mainstream financial institutions [4][16] - Arc will operate as a new layer-1 blockchain compatible with Ethereum infrastructure, aiming to facilitate stablecoin financial applications, payments, foreign exchange, and capital markets [4][16] Institutional Adoption - The passage of the GENIUS Act has catalyzed mainstream financial institutions to accelerate their exploration of stablecoin technology, with Circle establishing partnerships with banks and payment infrastructure providers [6][14] - Major payment networks like Visa and Mastercard have announced plans to expand the availability of USDC on their networks, further driving adoption [6][14] M&A Strategy - Circle's co-founder Jeremy Allaire emphasized a cautious approach to mergers and acquisitions, preferring organic growth and strategic small-scale acquisitions over large, complex deals [7][21] - The company aims to integrate new capabilities that align with its product requirements rather than simply adding additional business lines [7][21] Financial Performance - Circle's total revenue and reserve income for the second quarter reached $658 million, with a 53% year-over-year increase, despite accounting profits being impacted by significant non-cash expenses [1][22] - The company reported a 5.4-fold increase in USDC on-chain transaction volume, reaching nearly $6 trillion, indicating strong growth in platform usage [12][22] Future Outlook - Circle anticipates a compound annual growth rate for USDC circulation of 40%, with expectations for other revenue streams to range between $75 million and $85 million in 2025 [24][25] - The company is focused on long-term success and is investing in key areas to build its platform and global partnerships, projecting adjusted operating expenses between $475 million and $490 million for 2025 [24][25]